A. Portal update
GSTN Advisory on IMS – Invoice Management System
Invoice Management System (IMS) is made available to taxpayers from Today, 14th Oct, 2024.
B. Article
Whether Bail can be granted to an accused of fake-credit racket, when the SCN is issued?
Yes, the Honorable Punjab and Haryana High Court in the case of Vishal Chauhan granted bail to the Petitioner, where the Petitioner was arrested for alleged wrongful availment of Input Tax Credit by showing purchases from non-existent or fraudulent suppliers. The petitioner was granted regular bail as trial was likely to be prolonged; the Show Cause Notice under Section 74(1) was yet to be adjudicated and the exact liability of the Petitioner was yet to be fixed.
C. Tax in Media
GST notices to foreign airlines ‘regularised’
Acting on the recommendations of GST Council, the Central Board of Indirect Taxes & Customs (CBIC) has ‘regularised’ past show cause notices for tax demand issued to foreign airlines. It has also issued a circular regarding applicability of GST on Preferential Location Charges (PLC) for residential or commercial properties.
Webinar: “How to draft Grounds of Appeal” on 16.10.2024 at 2:30pm.
CGST busts two fake invoice frauds of Rs.760 crore
The Central Goods and Services Tax (CGST) busted two alleged fake input tax credit (ITC) frauds, involving the issuance of fake invoices worth around ₹760 crore and arrested two accused for allegedly defrauding the government exchequer.
Finalised Proceedings U/S 73 Of CGST Act Cannot Be Reopened Unless Fraud Or Misrepresentation Is Involved: Allahabad HC
The Allahabad High Court observed that if the proceedings under Section 73 of the CSGT Act have been finalised, they cannot be reopened except when the Input Tax Credit has wrongly been availed or utilised due to fraud or any wilful mis-statement or suppression of facts to evade tax.
CBIC to meet with ecommerce operators on Monday to resolve GST on rides
The Central Bureau of Indirect Taxes and Customs (CBIC) has called for a meeting of app-based ride hailing services in Delhi on Monday to resolve differences over applicability of goods and services tax (GST) on rides booked through ecommerce platforms, after Uber India raised concerns about a lack of uniformity and level playing field.
High-risk income tax refund claims under scanner
Verification of ‘high-risk’ refund claims in Income-tax (I-T) returns for A.Y. 2024-25 (F.Y. 2023-24) will be conducted systematically, following a standard operating procedure (SOP). The goal is to verify whether false refund claims have been made in an organised manner or by a single key person.
EPFO issues new rules for employers on digital signatures and e-signatures!
The Employees Provident Fund Organisation (EPFO) has released new guidelines for processing Digital Signature Certificate (DSC) and E-Sign requests submitted by employers.
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